My father signed agreement for sale in March 2010, with a Builder, to purchase an under - construction Villa.
Price was to be paid in installments. Till July 2011, my father paid 60% of the price from his salary savings and 20% of the price from Bank Loan ( total 80% ).My father passed away in July 2011,leaving behind myself, my brother and my mother as the only three legal heirs.After father's death, we did not sign new agreement of sale
with Builder. Also, we did not transfer Bank Loan to our name. Also, we did not pay the remaining 20% price to the Builder due to financial constraints. Now, Bank has initiated proceedings in DRT to recover Loan from the Villa.Bank is unable to use SARFAESI Act as Sale Deed was not registered neither in our father's name nor in the legal heirs' name. We, the legal heirs, also want to recover the 60% price our father paid to Builder, as we are not interested to take over the Villa.
As legal heirs of our father, is it legally possible for us to file a recovery suit in Civil Court, seeking Decree to recover through Public Auction, the 60% paid by our father, along with 20% paid by Bank ?
If Yes, what is the Limitation Period to file Civil Suit ?
( No Limitation Period specified in Agreement for Sale )
